1. ®
Third Quarter Results and
2008 Financial Outlook
October 30, 2008

2. Agenda
Business Environment
Bob Rossiter, Chairman, CEO and President
–
Third Quarter Results and 2008 Financial Outlook
Matt Simoncini, SVP and CFO
–
Summary and Outlook
Bob Rossiter, Chairman, CEO and President
–
Q and A Session
2

3. Business Environment
3

4. State of the Business*
Widening international credit crisis and unfavorable economic
conditions are adversely impacting global automotive demand
We are taking necessary actions to withstand the current
industry downturn and maintain our focus on strategic priorities
We expect to generate positive free cash flow this year
We have initiated a $150 million operating improvement plan to
strengthen our results over the next twelve months
We have faced significant challenges in the past, and each
time, we have emerged as an even stronger competitor
Aggressively Responding To Downturn Conditions
* Please see slides titled “Non-GAAP Financial Information” and “Forward-Looking Statements” at the end of this presentation for further
information. 4

5. Near-Term Operating Priorities*
Execute operating improvement plan and achieve savings as
soon as possible
Plan consists of incremental actions globally, ranging from
significant near-term cost reductions, as well as the deferral of
certain program and restructuring spending
Implement restructuring actions with the greatest near-term pay-
back and invest in growth initiatives on a very focused basis
Adapt cost structure and investments to lower industry
production levels and revised operating plans of major customers
Maintain focus on quality and customer satisfaction
Operating Improvement Plan Designed To Improve Near-Term
Results And Maintain Financial Flexibility
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 5

6. Long-Term Outlook*
Long-Term Industry Outlook
Global growth in automotive demand and further consolidation of supply base
Critical success factors: global capabilities, a low-cost footprint and superior quality
Leading technologies and innovation are key differentiating factors
Lear well positioned to be successful when business conditions improve
Seating
– Global capability and scale
– Increasing sales diversification
– Restructuring strengthening long-term competitiveness
– Increasing low-cost footprint – manufacturing and engineering
– Selective vertical integration in key components
– Among leaders in technology and innovation
– Recognized industry leader in quality
Electrical and Electronics
– Significant growth opportunity
– Consolidating segments
– Global presence and capability
– Evolving low-cost footprint
– Investing in key technologies (e.g., high-power electrical systems and
components; Solid State Smart Junction BoxesTM and wireless portfolio)
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 6

7. Global Electrical and Electronics
Business Update and Operating Priorities*
Established stand-alone global Electrical and Electronics
strategy and organization:
– Improves strategic focus
– Provides greater accountability
– Best leverages global resources
– Increases awareness of our capabilities
Four initial operational priorities identified:
– Deliver profitable sales growth and diversification
– Achieve world-class cost competitiveness
– Focus product portfolio around key technologies
– Establish a strong global team
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 7

8. Global Electrical and Electronics
Progress on Operating Priorities*
Improved Cost Competitiveness – optimizing and leveraging global resources
Consolidation of global work force
Aggressive restructuring actions in North America and Europe
Continued optimization of low-cost footprint
– Launched new electronics plants in Apodaca, Mexico and Shanghai, China
Expanded low-cost engineering centers in China, India and the Philippines
Focused Product Portfolio – targeting key technologies for investment
Introduced new product strategy to drive discipline and prioritization
– Providing customers uncompromised value in targeted product segments
Opened high-power center of excellence in Southfield, Michigan
– 3 significant battery charger programs in development with major OEMs
– New awards in high-power wire harnesses and connection systems
Established Strong Global Team – recruited top talent
Truly global organization with top talent now in place
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 8

9. Global Electrical and Electronics
Sales Growth and Diversification*
Global Electrical and Electronics Sales Update on New Business
(in billions)
Established marketing strategy
and brand identity --
$5.0
Powering Ideas That DeliverTM
Awarded global programs
≈$400 million in net new business
$3.0
signed since January, including
new battery charger programs
and new high-power electrical
systems
Increased sales diversification by
customer, region and segment
2008 Outlook 2012 Target
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 9

10. Third-Quarter Results
and 2008 Financial Outlook
10

11. Third-Quarter 2008
Financial Summary*
Major Factors Impacting Third-Quarter 2008 Results
– Sharply lower production in North America and Europe
+ Continued benefits of restructuring actions and other cost
reduction actions
Third-Quarter 2008 Results
Net sales of $3.1 billion
Core operating earnings of $46 million**
Free cash flow of $(17) million**
Full-Year 2008 Outlook
Industry production of 12.9 million units in North America and
19.7 million units in Europe
Net sales are forecasted at about $14 billion
Core operating earnings are estimated to be in the range
of $440 to $480 million
* Please see slides titled “Non-GAAP Financial Information” and “Forward-Looking Statements” at the end of this presentation for further information.
** Core operating earnings represents income before interest, other expense, income taxes, restructuring costs and other special items. Free cash
flow represents net cash provided by operating activities before the net change in sold accounts receivable, less capital expenditures. 11

12. Third-Quarter 2008
Industry Environment
Third Quarter Third Quarter
2008 2008 vs. 2007
North American Production
Industry 2.9 mil down 17%
Domestic Three 1.7 mil down 23%
Lear's Top 15 Platforms 0.7 mil down 33%
European Production
Industry 4.3 mil down 3%
Lear's Top 5 Customers 2.0 mil down 8%
Key Commodities (Quarterly Average) vs. Prior Quarter
Steel (Hot Rolled) flat up 74%
Copper down 11% down 3%
Crude Oil down 5% up 57%
Foam-Related Chemicals up 12% up 24%
12

13. Third-Quarter 2008
Reported Financials
Third Third 3Q '08
(in millions, except net income per share) Quarter 2008 Quarter 2007 B/(W) 3Q '07
$3,133.5 $3,574.6 ($441.1)
Net Sales
Income Before Interest, Other Expense and
$0.9 $108.0 ($107.1)
Income Taxes*
($77.3) $60.1 ($137.4)
Pretax Income (Loss)
($98.2) $41.0 ($139.2)
Net Income (Loss)
($1.27) $0.52 ($1.79)
Net Income (Loss) Per Share
4.1 % 0.4 pts.
4.5 %
SG&A % of Net Sales
$46.5 $47.5 $1.0
Interest Expense
$75.6 $70.7 ($4.9)
Depreciation / Amortization
$31.7 $17.5 ($14.2)
Other Expense, Net
* Please see slides titled “Non-GAAP Financial Information” at the end of this presentation for further information. 13

14. Third-Quarter 2008
Restructuring Impact*
Third Quarter
Income Before Interest,
(in millions) Other Expense
and Income Taxes
Reported Results
$ 0.9
2008 Total Company
Income Statement Category
Reported Results Include the Following Items: COGS SG&A
$ 45.2 $ 39.1 $ 6.1
Costs related to restructuring actions
2008 Core Operating Earnings $ 46.1
2007 Core Operating Earnings $ 170.4
* Please see slides titled “Non-GAAP Financial Information” at the end of this presentation for further information. 14

15. Third-Quarter 2008
Net Sales Changes and Margin Impact
Net Sales Margin
Performance Factor Change I mpact Comments
(in millions)
Industry Production / $ (665) Negative Sharply lower production and unfavorable
Platform Mix / Net Pricing platform mix in North America and Europe
Global New Business 63 Neutral Lincoln MKS, Chevrolet Aveo and Mazda 6
in North America; Audi A4 and Lancia Delta
in Europe, Citroen Elysee in Asia and
Mercedes C-Class in South America
F/X Translation 161 Neutral Euro up 11%, Canadian dollar up 1%
Performance Positive Favorable operating performance, including
efficiency actions and benefits from
restructuring and lower compensation
expense
15

16. Third-Quarter 2008
Seating Performance*
Explanation of
Adjusted Seating Segment Margins Year-to-Year Change Q3
Nine Months
Third Quarter Sales Factors
– Lower industry production and
7.0% 7.0%
unfavorable platform mix in
North America and Europe
5.1%
+ Favorable foreign exchange
Margin Performance
– Lower industry production in
3.1%
North America and Europe
– Net selling price reductions
– Increased commodity costs
+ Favorable cost performance
Q3 2007 Q3 2008 2007 2008
+ Restructuring savings
(in mils)
$2,881.4 $2,478.1
Sales $9,140.1 $8,655.4
+ Lower compensation expense
$ 181.2 $ 40.9
Earnings** $ 617.1 $ 354.2
Adj. Earnings** $ 200.7 $ 75.6 $ 643.6 $ 445.7
* Please see slide titled “Non-GAAP Financial Information” at the end of this presentation for further information.
** Reported segment earnings represents income before interest, other expense and income taxes; adjusted segment earnings represents
reported segment earnings adjusted for restructuring costs. 16

17. Third-Quarter 2008
Electrical and Electronic Performance*
Explanation of
Year-to-Year Change Q3
Adjusted Electrical and Electronic Segment Margins
Sales Factors
Third Quarter Nine Months
– Lower industry production in
North America and Europe
+ Favorable foreign exchange
4.2%
3.9%
+ Addition of new business
Margin Performance
2.0%
1.8%
– Lower industry production in
North America and Europe
– Net selling price reductions
Q3 2007 Q3 2008 2007 2008
+ Favorable operating
(in mils)
performance
Sales $ 693.2 $ 655.4 $2,307.0 $2,314.7
Earnings** $ 4.0 $ 4.9 $ 45.0 $ 71.4
Adj. Earnings** $ 13.8 $ 11.9 $ 89.9 $ 97.3
+ Lower compensation expense
* Please see slide titled “Non-GAAP Financial Information” at the end of this presentation for further information.
** Reported segment earnings represents income before interest, other expense and income taxes; adjusted segment earnings represents
reported segment earnings adjusted for restructuring costs. 17

18. Third-Quarter 2008
Free Cash Flow*
(in millions)
Third
Quarter
2008
Net Loss $ (98.2)
Depreciation / Amortization 75.6
Working Capital / Other 44.2
$ 21.6
Cash from Operations
Capital Expenditures (38.3)
$ (16.7)
Free Cash Flow
* Free cash flow represents net cash provided by operating activities ($40.9 million for the three months ended 9/27/08) before net
change in sold accounts receivable (($19.3) million for the three months ended 9/27/08) (Cash from Operations), less capital
expenditures. Please see slides titled “Non-GAAP Financial Information” at the end of this presentation for further information.
18

19. 2008 Outlook
Fourth-Quarter and Full-Year Production Assumptions*
Fourth Quarter Full-Year
Change from Change from
Forecast Prior Year Forecast Prior Year
North American Production
Total Industry ≈ 3.1mil down 16% ≈ 12.9 mil down 14%
Domestic Three ≈ 1.8 mil down 21% ≈ 7.6 mil down 19%
Lear's Top 15 Platforms ≈ .7 mil down 23% ≈ 3.0 mil down 26%
European Production
Total Industry ≈ 4.5 mil down 13% ≈ 19.7 mil down 2%
Lear's Top 5 Customers ≈ 2.1 mil down 16% ≈ 9.5 mil down 4%
Euro $1.30 / Euro down 10% $1.47 / Euro up 7%
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
19

20. 2008 Outlook
Full-Year Financial Forecast*
2008 Full-Year
Financial Forecast
≈ $14.0 billion
Net Sales
$440 to $480 million
Core Operating Earnings
Incom e before interest, other expense,
incom e taxes, restructuring
costs and other special item s
$190 to $200 million
Interest Expense
$180 to $220 million
Pretax Income
before restructuring costs
and other special item s
≈ $110 million **
Estimated Tax Expense
≈ $150 million
Pretax Restructuring Costs
$180 to $200 million
Capital Spending
≈ $300 million
Depreciation and Amortization
≈ $75 million
Free Cash Flow
* Please see slides titled “Non-GAAP Financial Information” and “Forward-Looking Statements” at the end of this presentation for
further information.
** Subject to actual mix of earnings by country. 20

21. Strong Liquidity Position*
Primary Liquidity Sources
Cash and cash equivalents on 9/27/08 $ 523 million
Revolving credit facility $ 1.3 billion
We expect to generate positive free cash flow for the year
We have no significant near-term debt maturities
On October 15, we borrowed $400 million under our revolving credit facility
– No near-term funding needs; invested in safe, short-term investments
– Protection against possible short-term disruptions in the credit markets
– Combined with cash and cash equivalents, sufficient to meet expected
liquidity needs
Lear Has A Strong Liquidity Position And Will Be Proactive
In Maintaining Financial Flexibility
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 21

22. Update on Operating Improvement Plan*
Operating improvement plan comprised of incremental
actions on global basis
Target to improve operating results by $150 million over the
next twelve months from present run rate
Major areas of improvement are:
– Sales/commercial items
– Material cost reductions
– Plant/manufacturing costs
– Administrative, engineering and overhead costs
– Restructuring actions
Some actions already implemented; bulk of improvement
expected in the first half of 2009
Comprehensive Global Initiative Intended To Improve Near-Term
Operating Results and Maintain Financial Flexibility
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 22

23. Examples of Incremental Operating Improvements*
Commercial and Cost Structure Actions (about two-thirds of the total)
Global census reductions
Compensation and benefit reductions and deferrals
– Salaried compensation concessions
– Extended holiday shutdowns
– Discretionary benefit reductions and deferrals
Reduction in non-program related spending and new market infrastructure costs
Balanced customer pricing, reflecting lower production environment
Plant, facility and other overhead cost reductions
– Reduced capacity expansion in emerging markets
– Extended holiday shutdowns
– Further consolidation of administrative offices
Restructuring Actions (about one-third of the total)
Re-timing of restructuring actions to achieve the greatest near-term economic benefit:
– Reprioritization of all potential actions based on present business conditions
– Pull-ahead of census actions with shorter payback
– Deferral of certain other actions with longer payback
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information. 23

24. Credit Facility Covenant Compliance*
Lear’s major credit facility covenants are leverage and interest
coverage ratios, determined by our trailing twelve months’ operating
results (including restructuring)
Historically, we have targeted a 30% or more covenant cushion
relative to our long range plan
Given the rapid decline in production in mature markets and
increased restructuring requirements as our major customers
reduce capacity, our projected covenant cushion has been reduced
In response, the Company has initiated an operating improvement
plan designed to improve near-term profitability and increase
financial flexibility
Covenant compliance is not a near-term concern, but we will
continue to monitor market conditions and production levels closely
and respond proactively
* Please see slide titled “Forward-Looking Statements” at the end of this presentation for further information.
24

25. Summary and Outlook
25

26. Summary and Outlook*
Business conditions have become more challenging globally
We are aggressively implementing actions to improve near-term
operating results:
– $150 million operating improvement plan
– Global restructuring initiative
At the same time, we are maintaining our focus on strategic
priorities:
– Continued sales diversification
– Further low-cost footprint expansion
– Selective vertical integration in Seating
– Improvement plan for Electrical and Electronics
We expect to generate positive free cash flow for 2008
We intend to be proactive in responding to changing business
conditions and maintaining financial flexibility
Longer-term financial outlook continues to be positive
* Please see slides titled “Non-GAAP Financial Information” and “Forward-Looking Statements” at the end of this presentation for further
information. 26

27. R
ADVANCE RELENTLESSLY™
LEA
Listed
www.lear.com
NYSE
27

28. Non-GAAP Financial Information
In addition to the results reported in accordance with accounting principles generally accepted in the United States (“GAAP”) included throughout this
presentation, the Company has provided information regarding “income before interest, other expense and income taxes,” “income before interest, other
expense, income taxes, restructuring costs and other special items” (core operating earnings), “pretax income before restructuring costs and other special
items” and “free cash flow” (each, a non-GAAP financial measure). Other expense includes, among other things, non-income related taxes, foreign
exchange gains and losses, discounts and expenses associated with the Company’s asset-backed securitization and factoring facilities, minority interests
in consolidated subsidiaries, equity in net income of affiliates and gains and losses on the sale of assets. Free cash flow represents net cash provided by
operating activities before the net change in sold accounts receivable, less capital expenditures. The Company believes it is appropriate to exclude the net
change in sold accounts receivable in the calculation of free cash flow since the sale of receivables may be viewed as a substitute for borrowing activity.
Management believes the non-GAAP financial measures used in this presentation are useful to both management and investors in their analysis of the
Company’s financial position and results of operations. In particular, management believes that income before interest, other expense and income taxes,
core operating earnings and pretax income before restructuring costs and other special items are useful measures in assessing the Company’s financial
performance by excluding certain items (including those items that are included in other expense) that are not indicative of the Company's core operating
earnings or that may obscure trends useful in evaluating the Company’s continuing operating activities. Management also believes that these measures
are useful to both management and investors in their analysis of the Company's results of operations and provide improved comparability between fiscal
periods. Management believes that free cash flow is useful to both management and investors in their analysis of the Company’s ability to service and
repay its debt. Further, management uses these non-GAAP financial measures for planning and forecasting in future periods.
Income before interest, other expense and income taxes, core operating earnings, pretax income before restructuring costs and other special items and
free cash flow should not be considered in isolation or as a substitute for pretax income (loss), net income (loss), cash provided by operating activities or
other statement of operations or cash flow statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. In addition, the
calculation of free cash flow does not reflect cash used to service debt and therefore, does not reflect funds available for investment or other discretionary
uses. Also, these non-GAAP financial measures, as determined and presented by the Company, may not be comparable to related or similarly titled
measures reported by other companies.
Set forth on the following slides are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated
and presented in accordance with GAAP. Given the inherent uncertainty regarding special items, other expense and the net change in sold accounts
receivable in any future period, a reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and
presented in accordance with GAAP is not feasible. The magnitude of these items, however, may be significant.
28

29. Non-GAAP Financial Information
Core Operating Earnings
Three Months
(in millions) Q3 2008 Q3 2007
Pretax income (loss) $ (77.3) $ 60.1
Divestiture of Interior business - (17.1)
Interest expense 46.5 47.5
Other expense, net * 31.7 17.5
Income before interest, other expense and income taxes $ 0.9 $ 108.0
Restructuring costs and other special items -
Costs related to restructuring actions 45.2 37.3
Costs related to merger transaction - 25.1
Income before interest, other expense, income taxes,
$ 46.1 $ 170.4
restructuring costs and other special items
(core operating earnings)
* Includes minority interests in consolidated subsidiaries and equity in net income of affiliates.
29

30. Non-GAAP Financial Information
Segment Earnings
Three Months Nine Months
(in millions) Q3 2008 Q3 2007 Q3 2008 Q3 2007
Seating $ 40.9 $ 181.2 $ 354.2 $ 617.1
Electrical and electronic 4.9 4.0 71.4 45.0
Interior - - - 8.2
Segment earnings 45.8 185.2 425.6 670.3
Corporate and geographic headquarters and elimination of
intercompany activity (44.9) (77.2) (156.3) (183.1)
Income before interest, other expense and
income taxes $ 0.9 $ 108.0 $ 269.3 $ 487.2
Divestiture of Interior business - (17.1) - 7.8
Interest expense 46.5 47.5 139.5 150.3
Other expense, net 31.7 17.5 41.8 42.8
$ (77.3) $ 60.1 $ 88.0 $ 286.3
Pretax income (loss)
30

31. Non-GAAP Financial Information
Adjusted Segment Earnings
Three Months Q3 2008 Three Months Q3 2007
Electrical and Electrical and
(in millions) Seating Electronic Seating Electronic
Sales $ 2,478.1 $ 655.4 $ 2,881.4 $ 693.2
Segment earnings $ 40.9 $ 4.9 $ 181.2 $ 4.0
Costs related to restructuring actions 34.7 7.0 19.5 9.8
Adjusted segment earnings $ 75.6 $ 11.9 $ 200.7 $ 13.8
Nine Months Q3 2008 Nine Months Q3 2007
Electrical and Electrical and
(in millions) Seating Electronic Seating Electronic
Sales $ 8,655.4 $ 2,314.7 $ 9,140.1 $ 2,307.0
Segment earnings $ 354.2 $ 71.4 $ 617.1 $ 45.0
Costs related to restructuring actions 91.5 25.9 26.5 44.9
Adjusted segment earnings $ 445.7 $ 97.3 $ 643.6 $ 89.9
31

32. Non-GAAP Financial Information
Cash from Operations and Free Cash Flow
Three Months
(in millions) Q3 2008
Net cash provided by operating activities $ 40.9
Net change in sold accounts receivable (19.3)
Net cash provided by operating activities before net
change in sold accounts receivable
(cash from operations) 21.6
Capital expenditures (38.3)
Free cash flow $ (16.7)
32

33. Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of
1995, including statements regarding anticipated financial results and liquidity. Actual results may differ materially from
anticipated results as a result of certain risks and uncertainties, including but not limited to, general economic conditions in
the markets in which the Company operates, including changes in interest rates or currency exchange rates, the financial
condition of the Company’s customers or suppliers, changes in actual industry vehicle production levels from the
Company’s current estimates, fluctuations in the production of vehicles for which the Company is a supplier, the loss of
business with respect to, or the lack of commercial success of, a vehicle model for which the Company is a significant
supplier, including further declines in sales of full-size pickup trucks and large sport utility vehicles, disruptions in the
relationships with the Company’s suppliers, labor disputes involving the Company or its significant customers or suppliers
or that otherwise affect the Company, the Company's ability to achieve cost reductions that offset or exceed customer-
mandated selling price reductions, the outcome of customer negotiations, the impact and timing of program launch costs,
the costs, timing and success of restructuring actions, increases in the Company's warranty or product liability costs, risks
associated with conducting business in foreign countries, competitive conditions impacting the Company's key customers
and suppliers, the cost and availability of raw materials and energy, the Company's ability to mitigate increases in raw
material, energy and commodity costs, the outcome of legal or regulatory proceedings to which the Company is or may
become a party, unanticipated changes in cash flow, including the Company’s ability to align its vendor payment terms with
those of its customers, the Company’s ability to access capital markets on commercially reasonable terms and other risks
described from time to time in the Company's Securities and Exchange Commission filings. In particular, the Company’s
financial outlook for 2008 is based on several factors, including the Company’s current industry vehicle production and
commodity pricing assumptions. The Company’s actual financial results could differ materially as a result of significant
changes in these factors. The operating improvement plan described in this presentation does not represent a forecast of
future operating results. Future operating results will be based on various factors, including actual industry production
volumes, commodity prices and the Company’s success in implementing its operating improvement plan.
The forward-looking statements in this presentation are made as of the date hereof, and the Company does not assume
any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date
hereof. 33